Todd Gordon, co-head of research and trading at Aspen Trading Group, thinks there's a trading opportunity in the Australian dollar's move away from its normal relation to commodity prices.

The Goldman Sachs Commodity index and the Australian dollar/U.S. dollar pair have been moving pretty much in tandem until very recently, when the index dropped and the Australian dollar didn't follow suit.

"The commodity index with the Australian dollar is showing that we might be seeing a push lower," Gordon told CNBC's Melissa Lee. "We are starting to see a little bit of a technical divergence."

Gordon sees a short-term trading opportunity to sell the Australian dollar against the greenback, and says the Aussie could move from current levels against the dollar to around 103.00, the 200-day moving average.

"I think the inflation trade is out, and the disinflation or even the deflation trade is on," Gordon says.